K-REIT PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER

PROPOSED ACQUISITION OF FOUR LEVELS OF STRATA OFFICE (LEVEL 26-29) AT PRUDENTIAL TOWER:

• Press Release
• Announcement

Key Points

• The Reit has entered into a sale and purchase agreement with the following parties for the acquisition of the following levels in the building located at the Prudential Tower:
• Innisvale Investments Pte Ltd in respect of Level 26;
• Maraha Pte Ltd in respect of Level 27;
• Lima Bintang Holdings Pte Ltd in respect of Level 28; and
• Mirabeau Gardens Pte Ltd in respect of Level 29.
• Vendors will provide rental support of up to S$8.09 million, for the period commencing from the date of completion of the Acquisition until 31 March 2015.
• The Property consists of four (4) strata office floors totalling 48,158 square feet (“sf”) which represents 19.4% of the strata value of the building. K-REIT Asia currently owns 73.4% of the strata value of the building. Post-completion of the Acquisition, K-REIT Asia will own 92.8% of the strata value of the building.
• The aggregate purchase consideration of the Property is S$125,113,940.00.
• The Acquisition will be entirely funded by debt. K-REIT Asia’s aggregate leverage (calculated as gross borrowings divided by total deposited property value) is expected to increase marginally from 37.0% to 39.3% after the completion of the Acquisition.

Related Posts

• K-Reit completes acquisition of 77 King Street 

Keppel Offshore & Marine acquires 27.8% stake in SGX-listed topside module fabricator Dyna-Mac

Keppel Offshore & Marine acquires 27.8% stake in SGX-listed topside module fabricator Dyna-Mac:

• Press Release

Key Points

• Keppel Offshore & Marine Limited (Keppel O&M), through its wholly-owned subsidiary KS Investments Pte Ltd (KSI), has acquired a 27.77% stake (250,000,000 shares) in topside module fabricator Dyna-Mac Holdings Ltd (Dyna-Mac) via an equity placement.
• This follows Dyna-Mac’s successful listing on the main board of Singapore Exchange Securities Trading Limited (SGX). 
• KSI’s total investment is S$87.5 million based on the invitation price of 35 cents per share. 
• The equity placement, through its investment vehicle KSI, is part of a collaboration between Keppel Shipyard (a wholly-owned subsidiary of Keppel O&M) and Dyna-Mac to jointly pursue the topside module business beyond Singapore’s shores.

Keppel Land China expands portfolio with maiden site in Nantong

Keppel Land China expands portfolio with maiden site in Nantong:

• Press Release

Key Points

• Keppel Land China, through its wholly-owned Singapore subsidiary, Merryfield Investment Pte Ltd, has secured a 17.2 hectare site within the main city of Nantong, Jiangsu province, for RMB 1.04 billion (S$ 202 million) for a lakefront residential development.
• Keppel Land China’s maiden property development in Nantong is located in the established town centre of the state-level Nantong Economic & Technological Development Area (NETDA), now home to 50 of the Fortune 500 enterprises.
• The exclusive low-density residential development will comprise about 1,000 homes, ranging from villas, terraces, duplexes to high-rise apartments supported by complementary lifestyle commercial facilities. Targeted at the high income segment, the first phase is expected to be launched in the first half of 2012.

Related Posts

• Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd
• Keppel Land buys two prime residential sites in Chengdu - 18 OCT 2010 

K-Reit completes acquisition of 77 King Street

(I) COMPLETION OF ACQUISITION OF 77 KING STREET
(II) USE OF PROCEEDS FROM THE NOV 2009 RIGHTS ISSUE 

• Press Release

Key Points

• Further to the announcement dated 19 July 2010 in relation to the acquisition of 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia (the “Acquisition”), the Acquisition has been completed.
• The Acquisition was financed with S$19.4 million from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”) and additional borrowings. 
• Such use of proceeds of the Rights Issue is in accordance with the stated use and the percentage of the proceeds allocated to such use.
• As at the date of this announcement, the Manager has disbursed all the proceeds from the Rights Issue.

Related Posts

• Financial News - 19 JUL 2010: K-REIT - ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA

Kepland completes divestment of one-third interest in MBFC Towers 1 & 2 and Marina Bay Link Mall - 15 DEC 2010

Completion of
(i) divestment of one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall; and
(ii) acquisition of Keppel Towers and GE Tower

• Press Release

Key Points

• Keppel Land has completed divestment of the one-third interest in the MBFC 1 Property to K-REIT Asia, and the acquisition of the KTGE Property from K-REIT Asia on 15 DEC 2010. 
• The net proceeds received by Keppel Land from the Transactions was about S$826 million.

Related Posts

• Keppel Land Divestment of MBFC phase 1 confirmed as capital gain and not taxable - 6 DEC 2010
• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd

Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd:

• Press Release

Key Points

• Keppel Land's indirect subsidiary, Shanghai Merryfield Land Co Ltd, has bought an additional 16.5 per cent stake in Jiangyin Evergro Properties Co Ltd (JEP).
• JEP owns the right to develop a residential and commercial mixed use site located in Cheng Jiang District in Jiangyin, China.
• With this acquisition, Keppel Land's aggregate effective interest has increased from 82.9% to 99.4%.
• The stake was bought from Jiangyin Evergro's shareholder, Jiangyin City Development Ltd, for RMB 36.9 million.

Keppel Land Divestment of MBFC phase 1 confirmed as capital gain and not taxable - 6 DEC 2010

Update on proposed divestment of a one-third stake in MBFC phase 1 and proposed acquisition of KTGE.

• Press Release

Key Points

• Inland Revenue Authority of Singapore has confirmed that the gains from the proposed divestment of MBFC 1 is capital in nature and hence not subjected to tax. 
• The group would expect to realise a net gain of S$394 million from the MBFC 1 Transaction as compared to S$321 that the company had announced last month.

Related Posts

• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Keppel Land acquires an additional 11.85% stake in Ocean Properties Pte. Limited - 8 NOV 2010

Keppel Land acquires an additional 11.85% stake in Ocean Properties Pte. Limited.

• Press Release

Key Points

• Keppel Land's wholly-owned subsidiary, Straits Property Investments Pte Ltd, has acquired an additional 11.85% stake in Ocean Properties Pte. Limited (“OPPL”), from an existing shareholder of OPPL, namely The Hongkong and Shanghai Banking Corporation Limited. 
• Prior to the Acquisition, the Company held a 75.66% stake in OPPL.
• OPPL, a company incorporated in Singapore, is the developer and owner of Ocean Financial Centre.

Keppel Land buys two prime residential sites in Chengdu - 18 OCT 2010

Keppel Land buys two prime residential sites in Chengdu.
See Press Release.

Key Points

• Keppel Land has acquired two prime residential sites in China for a total of S$376 million. 
• The two sites are in Chengdu, Sichuan province, and were acquired through its wholly-owned subsidiary Keppel Land China. 
• The first acquisition is a 5.1 hectare area located near Dongdajie, which is Chengdu's financial district.  
• The other is for two separate sites with a combined land area of 25 hectares.

K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE. See:

• Press release and Presentation Slides
• Report

Key Points

•  
• K-REIT Asia has entered into a conditional share purchase agreement with Bayfront Development Pte. Ltd., a wholly-owned subsidiary of Keppel Land Limited (Keppel Land), for the acquisition of a one-third interest in Phase One of Marina Bay Financial Centre (MBFC Phase One) at an agreed value of approximately S$1,426.8 million (inclusive of rental support).
• At the same time, as part of the asset swap, K-REIT Asia has signed a conditional sale and purchase agreement with Mansfield Developments Pte Ltd, a wholly-owned subsidiary of Keppel Land, for the divestment of Keppel Towers and GE Tower (KTGE) at an agreed value of S$573.0 million, which is above the valuation of S$540.7 million as at 31 December 2009, according to a Keppel Land report.
• MBFC Phase One comprises two office towers, Marina Bay Financial Centre Towers 1 & 2, with a total net lettable area (NLA) of about 1.65 million sf, Marina Bay Link Mall with a retail NLA of about 94,500 sf and 684 carpark spaces. Fully committed, major tenants at MBFC Towers 1 & 2 include Standard Chartered Bank, Barclays Capital, BHP Billiton, Nomura, Macquarie, American Express and Prudential.
• After the asset swap, K-REIT Asia's portfolio asset size will increase from S$2.5 billion to approximately S$3.4 billion. The asset swap is expected to be completed no later than 31 December 2010.
• The acquisition of the one-third interest in MBFC Phase One will be funded by a combination of the sale proceeds from the divestment of KTGE, new borrowings and part of the proceeds from K-REIT Asia's November 2009 rights issue.

Financial News - 19 JUL 2010: K-REIT - ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA

ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA. See:

• Announcement

Key Points

• the Reit has entered into a contract with Kingvest Pty Limited for the acquisition of a 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia.
• 77 King Street is a prime commercial building located in the heart of Sydney’s Central Business District (“CBD”), in close proximity to major CityRail Stations – Wynyard, Martin Place and Town Hall Stations. It has a net lettable area of 170,662 sq ft across 18 levels of Grade A office space and five levels of quality retail space.
• The purchase consideration of the Property is A$120.0 million or approximately S$145.0 million.
• An independent property valuer commissioned by K-REIT Australia to value the Property has valued it at A$120.0 million in the valuation report dated 16 July 2010.
• The FY 2009 pro forma net profit attributable to the Acquisition is approximately A$3.1 million (approximately S$3.7 million ).
• Pro Forma Net Asset Value (“NAV”) will remain the same at S$1.47 before and after the acquisition.
• Pro Forma Distribution per Unit will increase from 5.28 to 5.63 cents after the acquisition based on K-REIT Asia’s DPU for FY 2009, and as if K-REIT Asia had completed the Acquisition on 1 January 2009.
• The Acquisition will be funded by a combination of debt and equity with the proceeds from the rights issue completed by K-REIT Asia in November 2009. 
• K-REIT Asia’s aggregate leverage is expected to increase from 15.2% to 20.4% after the completion of the Acquisition.

Author's Note
Once acquired, this will be the second property of K-Reit in Australia. The last acquisition was a commercial property in Brisbane, Australia.